From the Editor...
Mutual fund directors do not take the responsibilities of recruitment and succession planning lightly, and that has been more evident than ever recently with the news of new additions to the BlackRock Funds and Nuveen Funds boardrooms. Talk about high-caliber candidates...
At Nuveen, the funds boardroom recently welcomed the former managing director of the Independent Directors Council and a former managing director from BlackRock. This all-independent board oversees some 144 open- and closed-end funds and exchange-traded funds.
And at BlackRock, the board overseeing the firm's fixed-income and closed-end funds now includes the first black woman to have achieved the rank of lieutenant general of the U.S. Air Force and a retired corporate president and COO who has an array of board experience. This board is bumped up to 10 independents with these new members, but two other directors will hit the board's mandatory retirement age this year, so we'll keep our eye on the situation.
We've also brought readers news of an expanded remit for Virtus Funds, once the adviser completes its acquisition of Westchester Capital Management later this year. The Merger Fund is among the assets the Virtus Funds board will take on, without bringing any of the WCM Funds directors into the boardroom post-merger.
Don't miss Management Practice Inc.'s newest data on independent fund director compensation and other governance trends, and be sure to download the newest issue of FBV Monthly, which includes all the stories we ran in May.
Coming later this month: A Q&A with industry experts on closed-end funds and withdrawal of the Boulder no-action letter and our annual summer reading list (please send your recommendations to me at email@example.com).
Hillary Jackson, founding editor